Zee Entertainment has been trading in bearish trend and trading in a channel respecting support and resistance.it closed on crucial 61% of fibo level and is on confluence level. we may see upside movement from here up the channel resistance somewhere between 478-480 in near term, traders may enter long on this stock at slight lower price when it retest the support...
Zee Entertainment Ltd. broken its long up trend journey at 520 and retested this level several days to move upward direction but has been unable to confirm breakout,it has also formed a bearish flag pattern and we may see the target of this stock around 440.00 to its long term support. trader may go short from this level or wait for till slight upward around...
It is been observed on the daily chart that the price action breaks below 470 support levels indicating bears dominance and now it shall further down towards next support levels at 442-438 levels.
Target: 442
SL: 480
Zeel bounced from very strong support of Gann Line and Fibonacci Support levels.
One can buy this for target of 536 and 560
IT CAN BE BOUGHT ON ANY DIPS TILL 505
Sl 497
Beautiful Pole has been formed and a flag is in making. If it gives breakout and closes out of Flag boundaries only then the trade should be initiated but one can put the stock in watch list and prepare for the trade. Clearly on the last day of the pole the volume was the highest and so should be on the day of breakout for a good Flag pattern formation. Good Luck
As per Elliott Waves, it is been observed that the price action has completed 5 waves by reaching to 585 levels today. Wave 5 was counted as Extension of Extension Wave which made it the largest among rest waves. Now, it is a good time to look for a short opportunity. I believe a double top can be seen in few days which may act as a good opportunity to short....
Just breaking out from a consolidation, expected to reach 506-507 and make a double top at the resistance level Intraday gain expected 3-4 SL 497 (3-4)
Risk Reward: 1:1
